After NMCN, the 75-year-old UK listed construction group collapsed in October 2021, the true extent of its financial distress came to light, giving rise to a raft of financial, legal, and regulatory investigations.
NMCN went into administration after failing to secure a re-financing deal. It was found that the company owed millions to its creditors, and redundancies had to be made from the building section of the business.
Insolvency solicitor, Helen Young and employment lawyer Nishma Chudasama consider what accountants can learn from the failure of NMCN, in their recent article for Accountancy Age. The article can be read here.